Download
slide1 n.
Skip this Video
Loading SlideShow in 5 Seconds..
Stephen Fiamma, US Tax Partner, London Office PowerPoint Presentation
Download Presentation
Stephen Fiamma, US Tax Partner, London Office

Stephen Fiamma, US Tax Partner, London Office

85 Vues Download Presentation
Télécharger la présentation

Stephen Fiamma, US Tax Partner, London Office

- - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

  1. Presentation to ICMA Members Stephen Fiamma, US Tax Partner, London Office September 2012

  2. FATCA and capital markets: Payment chain with U.S. Issuer and multiple FFI intermediaries PFFI $200 Clearing System 1 PFFI 50% PTP Non-PFFI $140 ($60) $600 $200 PFFI (broker) $200 Compliant individual $1,200 U.S. Corp Paying Agent PFFI 20% PTP E.g. interest PFFI $140 $420 ($180) Clearing System 2 Non-PFFI No PTP Non-PFFI $140 $140 PFFI (broker) $140 Compliant individual PFFI participating foreign financial institution Non-PFFI non-participating foreign financial institution PTP passthru payment percentage intermediary (e.g. paying agent, clearing system, agent bank) beneficial owner ($0) withheld amount

  3. FATCA and capital markets: Passthru payment chain with FFI Issuer PFFI $200 Clearing System 1 PFFI 50% PTP Non-PFFI $194 ($6) $600 $200 PFFI (broker) $200 Compliant individual $1,200 PFFI 10% PTP Paying Agent PFFI 20% PTP E.g. interest PFFI $194 $582 ($18) Clearing System 2 Non-PFFI No PTP Non-PFFI $194 $194 PFFI (broker) $194 Compliant individual PFFI participating foreign financial institution Non-PFFI non-participating foreign financial institution PTP passthru payment percentage intermediary (e.g. paying agent, clearing system, agent bank) beneficial owner ($0) withheld amount

  4. FATCA and the secondary markets: Payment chain with FFI Purchaser Non-PFFI (broker) $360 PFFI (seller) $360 ($40) PFFI (clearing bank) $400 $800 Compliant individual (seller) PFFI (account bank) PFFI (broker) $400 PFFI 10% PTP (purchaser acting as own clearing bank) Clearing System PFFI 50% PTP $1,200 $360 ($40) Non-PFFI (seller acting as own clearing bank) PFFI participating foreign financial institution Non-PFFI non-participating foreign financial institution PTP passthru payment percentage intermediary (e.g. paying agent, clearing system, agent bank) beneficial owner ($0) withheld amount